Graduated with a DPT...now having second thoughts about the profession.

[TomJones12432]

I've been on this site for quite a while but have never posted. I started this journey to be a PT 7 years ago in order to pursue a profession that I believed at the time would be a good return on investment. After completing a few years of a DPT program, its hard for me to look at the loans and the expected ROI starting out in order to consider this endeavor worth it. Many will say the common statements of "I didnt get into this field for the money" etc and that is true to an extent. However, I believe that if a profession has an entry cost of around 100K of debt on average, there should be a worthwhile financial gain. That's just not the case. Anyways...my question for the practicing physical therapists out there...

What strategies did you take when managing your student loan debt fresh out of school?

Thanks

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[noyceguy]

I've been on this site for quite a while but have never posted. I started this journey to be a PT 7 years ago in order to pursue a profession that I believed at the time would be a good return on investment. After completing a few years of a DPT program, its hard for me to look at the loans and the expected ROI starting out in order to consider this endeavor worth it. Many will say the common statements of "I didnt get into this field for the money" etc and that is true to an extent. However, I believe that if a profession has an entry cost of around 100K of debt on average, there should be a worthwhile financial gain. That's just not the case. Anyways...my question for the practicing physical therapists out there...

What strategies did you take when managing your student loan debt fresh out of school?

Thanks

If you borrowed $100,000 to make $60,000 you have already messed up. All you can do now is try to clean up the mess.

 

[jblil]

I am constantly amazed at how many folks jump into a career without carefully weighing the pros and cons, and running some numbers to see if it's worth it. If you absolutely want to pursue a specific profession come hell or high water, that is one thing; but I'd venture to say that very few of us have that kind of "fire in the belly".

 

[NewTestament]

After completing a few years of a DPT program, its hard for me to look at the loans and the expected ROI starting out in order to consider this endeavor worth it.

Have you considered going beyond patient care? Home | The Non-Clinical PT

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Start thinking about how you can serve more people. I'm starting an online coaching business and leveraging my position as a PT.

 

[TomJones12432]

@NewTestament thanks for the link. I’ll check it out.

 

[truthseeker]

if you are already in and only have one year left, it would be silly to waste the last two years of debt and change directions. stick it out and live within your means. It is very rewarding but nobody said you would be driving a Benz right out of school.

 

[JC Corres]

If you borrowed $100,000 to make $60,000 you have already messed up. All you can do now is try to clean up the mess.

Noyceguy has a point. I wouldn't necessarily call it a mess though. The thing is that individuals entering PT school should be aware of how much debt they are going to be thing. It's one thing to know that youre gonna spend 100k on school, but to really comprehend it- and understand how long it's gonna take to pay that off- you better have a way to clean up that "mess" because simply going to work as a physical therapy will cut it 20+ years later, but it's gonna be a looooooong payoff that way.

Im currently a DPT student right now but own my own online video production service and apparel business. I have another apparel business I plan to launch this summer as well as start another local video production business. I do all this with the mindset in that I want to work as a PT to help people and enjoy my job, not work as a PT just to pay off my debt.

I have one year left in school and I want to make it a guarantee that these businesses im starting up will pay for my loans within 2 years or less after graduating.

 

[truthseeker]

I bought a 250K house while making 80k. student loans are an investment in yourself. Are you a good bet? 100 to 60k is not a bad ratio considering your income will rise. It will be hard in the beginning, but get easier later.

 

[DopaMiners]

As a board-certified PT 4 years into my career, I'd say the TL;DR all comes down to what makes you happy.

I work in a hospital-based neurologic outpatient setting. My salary compares with some of my friends' RN salaries. However, I receive nearly unlimited support with continuing education, conference attendance, program development, engaging with local DPT programs, etc. If I worked in a skilled nursing facility or as a travel therapist, I would not be happy. Point blank.

I could easily be making over 100k/year and clear my debt sooner. I'm the type of therapist looking to go above and beyond. If my job didn't support the culture of excellent patient care and continuing development of young therapists, I'd be somewhere making more money... but I'd be spending a lot more of my own time and money to do these things.

Is PT a job or a career? We should be paid like doctorate-level clinicians and it's a problem with our debt/income, but you need to decide what type of PT you want to be. There is no right answer to your question and it's too case by case to give you a magic bullet.